Long steel inventories in Guangzhou increase for two weeks

SHANGHAI, Oct 8 (SMM) – Social inventories of long steel, including wire rods and rebar, in Guangzhou of Guangdong province increased 3.17% from a week ago to 797,800 mt as of Monday October 8, SMM data showed. 

This marked the second consecutive week of gains after a rise of 13.5% a week ago. 

Stocks of wire rods built up 32,400 mt, or 9.5%, over the week to 373,800 mt, and grew long steel inventories. Stocks of rebar fell 7,900 mt, or 1.8%, to 424,000 mt.